Exploring the role of governance in determining public-private investment in energy: New empirical insights from ASEAN

IF 6.2 2区 经济学 Q1 ECONOMICS Socio-economic Planning Sciences Pub Date : 2024-10-18 DOI:10.1016/j.seps.2024.102096
Dong Peng , Umar Farooq , Mohammad Mahtab Alam , Khurshid Khudoykulov
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Abstract

The energy sector plays a pivotal role in driving economic growth and enhancing social welfare. However, the mobilization of sufficient investment including public and private remains crucial for advancing energy infrastructure development. Against this backdrop, this study aims to explore the role of governance in determining public-private investment in energy (PPE). The empirical analysis leverages a comprehensive dataset spanning 25 years from 1998 to 2022 and covering ASEAN nations. The study employs the CS-ARDL (cross-sectionally augmented autoregressive distributed lag) model for regression analysis to assess governance dimensions' long-term and short-term effects on PPE. Additionally, the study conducts robustness analysis by using the FMOLS (fully modified ordinary least square) model and an alternative proxy of governance i.e. EFI (economic freedom index) to validate the findings. The analysis reveals that governance exerts a significant and positive effect on PPE. Specifically, the dimensions of governance such as corruption control (COC), government effectiveness, political stability (POS), regulatory quality, etc. demonstrate robust positive associations with PPE. This positive relationship indicates that stronger governance institutions foster transparency, efficiency, and stability in the energy sector, attracting private-sector investments. The findings of this study have significant policy implications for policymakers, investors, and stakeholders seeking to promote sustainable energy transitions and socio-economic development within the ASEAN region. Specifically, it is essential to strengthen governance institutions, enhance regulatory frameworks, and foster public-private partnerships for energy investment. This study contributes to the existing literature by providing novel insights into the governance-energy investment nexus within the ASEAN region.
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探索治理在决定能源领域公私投资中的作用:来自东盟的新经验见解
能源部门在推动经济增长和提高社会福利方面发挥着举足轻重的作用。然而,调动足够的投资(包括公共投资和私人投资)对于推动能源基础设施的发展仍然至关重要。在此背景下,本研究旨在探讨治理在决定能源领域公共-私人投资(PPE)中的作用。实证分析利用的是 1998 年至 2022 年 25 年间的综合数据集,涵盖东盟国家。研究采用 CS-ARDL(横截面增强自回归分布滞后)模型进行回归分析,以评估治理维度对 PPE 的长期和短期影响。此外,研究还使用 FMOLS(完全修正的普通最小二乘法)模型和治理的替代指标 EFI(经济自由度指数)进行稳健性分析,以验证研究结果。分析表明,治理对 PPE 有显著的积极影响。具体而言,治理的各个维度,如腐败控制(COC)、政府效率、政治稳定性(POS)、监管质量等,都与 PPE 呈稳健的正相关关系。这种正相关关系表明,更强有力的治理机构能够提高能源行业的透明度、效率和稳定性,从而吸引私营部门的投资。本研究的结论对政策制定者、投资者和利益相关者促进东盟地区可持续能源转型和社会经济发展具有重要的政策意义。具体而言,必须加强治理机构、强化监管框架并促进公私合作,以促进能源投资。本研究通过对东盟地区治理与能源投资关系的新见解,为现有文献做出了贡献。
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来源期刊
Socio-economic Planning Sciences
Socio-economic Planning Sciences OPERATIONS RESEARCH & MANAGEMENT SCIENCE-
CiteScore
9.40
自引率
13.10%
发文量
294
审稿时长
58 days
期刊介绍: Studies directed toward the more effective utilization of existing resources, e.g. mathematical programming models of health care delivery systems with relevance to more effective program design; systems analysis of fire outbreaks and its relevance to the location of fire stations; statistical analysis of the efficiency of a developing country economy or industry. Studies relating to the interaction of various segments of society and technology, e.g. the effects of government health policies on the utilization and design of hospital facilities; the relationship between housing density and the demands on public transportation or other service facilities: patterns and implications of urban development and air or water pollution. Studies devoted to the anticipations of and response to future needs for social, health and other human services, e.g. the relationship between industrial growth and the development of educational resources in affected areas; investigation of future demands for material and child health resources in a developing country; design of effective recycling in an urban setting.
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